Head of Drew subsidiary taking more duties
Drew Industries Inc., the White Plains company that provides parts for recreational vehicles and manufactured homes, said the head of its Lippert Components Inc. subsidiary will take responsibility for the operations of its Kinro Inc. subsidiary.
Jason D. Lippert, the chairman, president and chief executive of Lippert, will replace David L. Webster as the head of Kinro. Webster is retiring at the end of the year, Drew said in a filing with the U.S. Securities and Exchange Commission.
The company said it will increase Jason Lippert’s annual base salary from $400,000 to $700,000 for the period Oct. 1, 2008 through the end of the year. The company will also provide him with a bonus of $425,000 as a reward for his “extraordinary efforts in achieving a successful transition,” finding cost savings and increasing sales.
Under a new employment agreement, Jason Lippert will be paid a base salary of $700,000 next year as well. He will also be eligible for bonuses based on the profits and other performance measures of Kinro and Lippert.